REVIEW / APPROVAL DATE: 9/28/2020

POLICY OWNER: Financial Reporting Director

EXECUTIVE SPONSOR: University Resources Vice President

RESPONSIBLE UNIVERSITY OFFICE: Financial Services

JOINT STAKEHOLDERS: N/A


STATEMENT OF POLICY: Financial Reports are available in the Workday system at any time to cost center managers, cost center financial analysts, their supervisors, and other designated individuals. The proper use of these financial reports is vital to cost center managers and supervisors in meeting their fiscal stewardship responsibilities. The responsibilities of cost center managers include (1) proper expenditures of funds, (2) compliance with record keeping requirements of the University, (3) keeping expenditures within the authorized budgetary limits, and (4) generation of expected revenues, if applicable. The next higher level of supervision is responsible for supervisory control and review of financial operations. 

The cost center manager should review financial reports for their stewardship at least monthly. Reports are available in Workday which allow Financial Services to monitor report access and usage frequency to ensure reports are being reviewed.

PROCEDURES:

  1. Financial Reports are accessed on https://www.myworkday.com/byuhi/d/home.htmld. Once in Workday find the Idaho Financial Reports worklet. The main reports a Cost Center Manager will use are Cost Center Budget to Actual and Auxiliary Cost Center Budget to Actual.  Once a specific report is displayed, the viewer can drill down to individual transactions by clicking on the amount desired. This includes transactions on the Budget, Pre-encumbrance, Encumbrance, and YTD Actuals columns. The various reports and supporting detail can be downloaded to Excel or printed as desired.
  2. The default month is the most current open month; however, any month may be selected. Once a month is closed, no more transactions can be posted to that month. The current month includes only those transactions which have been posted at the time of viewing.
  3. The Financial Report for the last month of the year (December) is also the report for the entire year. Cost Center Managers will be notified when all transactions for the year have been posted. They will then have time to make a final review before December and the year are closed. The managers should immediately make a final review when they are notified and contact the Accounting Office about any needed corrections. Once the year has been closed, no more transactions can be made. 

 

RELATED UNIVERSITY POLICIES:

 APPLICABILITY: This policy applies to all employees with financial stewardship responsibilities.